A flyback transformer may look like magic which turns arbitrary voltage into 12V, but there is actually nothing magical about it.
It's still a transformer and it still obeys Vp=n×Vs at all time.
Increase peak secondary voltage and you increase peak primary voltage. The latter is boosted on top of rectified mains when the primary switch turns off and the switch has to withstand all of that.
Some headroom was likely left in the design and you get additional headroom from running a 230V compatible supply on 110V, but it's going to blow if you push the output voltage too far, even with no load.
Wait, what a nonsense. You don't actually get any extra headroom from using lower mains voltage if the PSU has active PFC. But you would with a simple switcher.